![Indexation Benefit Allowable Based on Cost of Acquisition of Property Sold by Taxpayer: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Appellate-Tribunal-ITAT-Taxpayer-indexation-acquisition-of-property-long-term-capital-loss-taxscan.jpg "Indexation Benefit Allowable Based on Cost of Acquisition of Property Sold by Taxpayer: ITAT [Read Order]")
Indexation Benefit Allowable Based on Cost of Acquisition of Property Sold by Taxpayer: ITAT [Read Order]
The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) held that the indexation benefit is allowable based on the cost of acquisition of...
![Budget 2024-25: FM Introduces Relief Measures Limiting Reopening of Old Income Tax Returns [Read Bill]](https://www.taxscan.in/wp-content/uploads/2024/07/Budget-2024-FM-Introduces-Measures-Limiting-Reopening-Income-Tax-Returns-TAXSCAN.jpg "Budget 2024-25: FM Introduces Relief Measures Limiting Reopening of Old Income Tax Returns [Read Bill]")
![AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Income-Tax-Act-ITAT-ITAT-Chennai-ITR-Income-Tax-Appellate-TAXSCAN.jpg "AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any variation in ITR: ITAT [Read Order]")
![Hospitalisation of GST Taxpayer: Karnataka HC directs Re-adjudication to Examine Documents not furnished Earlier to Prove Genuineness of Govt Contract [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/GST-Goods-and-Service-Tax-Karnataka-High-Court-Karnataka-HC-GST-Taxpayer-TAXSCAN.jpg "Hospitalisation of GST Taxpayer: Karnataka HC directs Re-adjudication to Examine Documents not furnished Earlier to Prove Genuineness of Govt Contract [Read Order]")
![No Jurisdiction for JAO to Issue Income Tax Reassessment Notices outside NFAC Framework: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/State-Tax-Officer-jurisdiction-Issue-Communication-GST-Act-Bombay-HC-Writ-Petition-STO-Communication-TAXSCAN.jpeg "No Jurisdiction for JAO to Issue Income Tax Reassessment Notices outside NFAC Framework: Bombay HC [Read Order]")
Loss on Sale of Shares on Stock Exchange can be Set Off Against LTCG from sale of Unlisted Shares If STT duly Paid: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) set aside the appellate order and directed the Assessing Officer(AO) to offset the loss against the long-term capital gain. It was held...
![Loss on Sale of Shares on Stock Exchange can be Set Off Against LTCG from sale of Unlisted Shares If STT duly Paid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Stock-exchange-loss.jpg "Loss on Sale of Shares on Stock Exchange can be Set Off Against LTCG from sale of Unlisted Shares If STT duly Paid: ITAT [Read Order]")
Reasonableness of Business Expenditure should be Judged from the point of view of Businessman and not Revenue: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the appeal, emphasising that the reasonableness of business expenditure should be judged from the point of view of the...
![Reasonableness of Business Expenditure should be Judged from the point of view of Businessman and not Revenue: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-ITAT-Tax-news-ITAT-Ahmedabad-Business-Expenditure-Income-Tax-TAXSCAN.jpg "Reasonableness of Business Expenditure should be Judged from the point of view of Businessman and not Revenue: ITAT [Read Order]")
Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that no reopening can be done after the expiry of four years from the end of the relevant assessment year unless any income...
![Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Reassessment-Expiry-of-4-years-due-Non-Filing-GST-Supplier-Invalid-ITAT-taxscan.jpg "Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT [Read Order]")
Assessee not liable to Deduct TDS on Taxability arising from Retrospective Income Tax Amendment: Bombay HC [Read Order]
The Goa Bench of the Bombay High Court has recently held that, assessee cannot be expected to Deduct Tax at Source on taxability arising a retrospective Income Tax amendment. The respondent, a...
![Assessee not liable to Deduct TDS on Taxability arising from Retrospective Income Tax Amendment: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Bombay-HC-Bombay-High-Court-TDS-Income-Tax-taxscan.webp "Assessee not liable to Deduct TDS on Taxability arising from Retrospective Income Tax Amendment: Bombay HC [Read Order]")
Penalties u/s 269SS and 269T cannot be Levied on Company for Receipt/ Repayment of Cash Loans from Directors out of Business Exigency: ITAT [Read Order]
The Chennai ‘A’ Bench of Income Tax Appellate Tribunal ( ITAT ) held that penalties under Sections 269SS and 269T of the Income Tax Act, 1961, cannot be levied on a company for the receipt and...
![Penalties u/s 269SS and 269T cannot be Levied on Company for Receipt/ Repayment of Cash Loans from Directors out of Business Exigency: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/site-img-22.jpg "Penalties u/s 269SS and 269T cannot be Levied on Company for Receipt/ Repayment of Cash Loans from Directors out of Business Exigency: ITAT [Read Order]")
AO has Power to Reassess only on Material Evidence: Gujarat HC dismisses Income Tax Dept’s Appeal [Read Order]
The Gujarat High Court dismissed the appeal of the income tax department citing the Assessing Officer has no power to review, has power to reassess only on tangible material evidence. ...
![AO has Power to Reassess only on Material Evidence: Gujarat HC dismisses Income Tax Dept’s Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/site-img-17-1.jpg "AO has Power to Reassess only on Material Evidence: Gujarat HC dismisses Income Tax Dept’s Appeal [Read Order]")
Gujarat HC quashes Income Tax Reassessment Proceedings initiated after 4 years on Deduction Claim u/s 80IA(4)(iv)
The Gujarat High Court quashed the Income Tax reassessment proceedings initiated after 4 years on deduction claim under Section 80IA(4)(iv) of the Income Tax Act, 1961. The assessee, Facets Gems...
